Budget Direct Building Insurance

Get 15% off

- Fire, storm & theft cover
- Lodge a claim online 24/7
- Optional sum insured safeguard
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Budget Direct Building Insurance
Get 15% off
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For a house valued at $1 million, our research showed a difference of $1,996 between the cheapest and most expensive home insurance policy. Compare policies and see how much you can save.
Building insurance protects the physical structure of your property from financial loss. The policies are designed to cover your residential home, including flat units, townhouses, terrace houses and free-standing homes.
While building insurance policies can vary, they'll usually cover these parts of your home.
Insurers have a set of defined events where, if they occur, you should be covered. These include:
Storms
Lightning
Fire
Cyclones
Theft and burglary
Vandalism
Water damage/ escape of liquid
Impact damage
Well, we did some research and found that the cheapest policy was $101 a month.
Premium prices will change based on your individual circumstances, so while our research - from 17 home insurers, says the cheapest policy is $101, that was based on our criteria.
Make sure to get a quote (or multiple), so that you get the best value for your money.
Brand | $500,000 Building - Monthly price | $500,000 Building - Annual price | $1,000,000 Building - Monthly price | $1,000,000 Building - Annual price | Get quote |
---|---|---|---|---|---|
![]() | $145.90 | $1,750.78 | $273.86 | $3,286.37 | More info |
![]() | $145.90 | $1,750.78 | $273.86 | $3,286.37 | More info |
![]() | $122.41 | $1,311.43 | $203.04 | $2,175.42 | Get quote |
![]() | $123.84 | $1,230.13 | $201.92 | $2,010.95 | More info |
![]() | $116.69 | $1,250.23 | $193.58 | $2,074.03 | More info |
![]() | $101.10 | $1,125.62 | $174.18 | $1,981.97 | More info |
![]() | $120.97 | $1,451.69 | $159.77 | $1,917.18 | More info |
![]() | $135.54 | $1,355.42 | $219.07 | $2,190.70 | More info |
![]() | $110.16 | $1,321.88 | $110.16 | $1,321.88 | More info |
![]() | $138.02 | $1,401.40 | $200.68 | $2,054.50 | Get quote |
![]() | $139.22 | $1,434.56 | $202.18 | $2,057.17 | More info |
![]() | $143.02 | $1,415.42 | $202.46 | $2,075.05 | More info |
![]() | $113.11 | $1,300.21 | $136.30 | $1,578.56 | More info |
![]() | $112.00 | $1,198.00 | $187.00 | $1,999.00 | More info |
![]() | $155.84 | $1,582.35 | $226.58 | $2,319.80 | Get quote |
![]() | $103.73 | $1,111.32 | $172.07 | $1,843.59 | Get quote |
![]() | $113.06 | $1,221.05 | $154.02 | $1,663.41 | More info |
It's easy to get overwhelmed by a insurers product disclosure statement (PDS). We've explained a few insurance terms so you can understand your building insurance policy a bit better.
Term | What it really means |
---|---|
Defined events | These are the events that your insurer will cover you for, if they occur. They'll be specified in your PDS. Common insured events that most policies cover include storms, fires and thefts. |
Accidental damage | Accidental damage is when something unexpected happens to your house or belongings that causes financial loss. This is usually offered as an optional add-on to your home insurance policy. |
Sum insured amount | This is usually the value of your property, and the maximum payout you'll get from the insurer. You'll declare this amount to your insurer, and that's how much money you'll get back if you lose your property to an insured event (minus any excesses). |
Safety net | Some home insurers offer a buffer (safety net) if your sum insured amount isn't enough to cover the damages or losses to your home. |
Total replacement | Some home insurers offer to cover you for the total amount if you lose your home. It's a benefit only offered by a few insurers and can help you avoid underinsurance. |
Having the right level of protection in place can save you thousands of dollars in the long run. However, some estimates suggest that as many as 80% of Aussie's are under-insured. Whilst it may seem appealing to cut costs at first, the risk of not having enough cover in place is not worth it.
The building insurance policy you take out should cover the total replacement cost of your property, including other expenses which may arise such as temporary accommodation. If you're under-insured, you'll have to pay the gap between what your policy covers and the replacement cost for your building, which in many cases could be a substantial amount of money.
The building insurance policy you take out should cover the total replacement cost of your property, including other expenses which may arise such as temporary accommodation. If you're under-insured, you'll have to pay the gap between what your policy covers and the replacement cost for your building, which in many cases could be a substantial amount of money.
Buying your policy online can save you heaps. Here are some promotions available at the moment.
Buy online and save up to 20% on a home insurance policy with Australian Seniors.
15% online discount on home insurance
Get Qantas Points when you buy a new Qantas Home Building Insurance policy.
Save up to 10% on Woolworths Home Insurance
Compare building insurance policies
Definitely. If you need a more corporate type of insurance, you can consider commercial building insurance or strata building insurance.
Commercial building insurance:
If you've got a commercial property as opposed to a residential then commercial building insurance might be a better fit. These policies provide cover for your business' contents, fixtures and fittings against a variety of events that can result in loss or damage.
Strata building insurance:
This type of insurance is designed to provide cover for strata title properties and to be taken out by a body corporate or owners corporation. It includes cover against risks like fire, flood, storm and earthquake, as well as loss of rent if property damage forces tenants to leave. Theft, malicious damage, water and oil leaks, broken glass and legal liability are also included in cover.
Damage from pests such as termites is usually not covered as insurance companies see pests as the homeowner's responsibility. It's perceived as a preventable damage, rather than an accident. If your property is prone to termites it's best to become aware of this as soon as possible and treat it as necessary.
First of all, you need to buy a policy before any damage occurs.
For most home insurers, flood cover is not included. So during the application process, you'll need to add it on to your policy. You'll probably have to pay a bit more for this.
Picture: GettyImages
Richard Laycock is Finder’s insights editor after spending the last five years writing and editing articles about insurance. His musings can be found across the web including on MoneyMag, Yahoo Finance and Travel Weekly. When he’s not doing deep dives on data, he is testing the quality of cocktails in his newfound home of New York. Richard studied Media at Macquarie University and The Missouri School of Journalism and has a Tier 1 Certification in General Advice for Life Insurance.
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